Litecoin price is on its way to $60
- Litecoin price is undergoing a steep sell-off.
- Litecoin price severely oversold on the RSI.
- Invalidation of the bearish thesis is a breach at $101.
Litecoin price action spells for more price decline. A $60 price target is probable.
Litecoin price aims for $60
Litecoin price is printing a huge bearish engulfing candle on the daily chart. Although an anticipated market reversal is hoped for, LTC price may land at lower targets before the market bottom occurs.
Litecoin price provides confluence for a $60 target using a Fibonacci projection tool. The most recent five-wave bearish impulse projected from the choppy price action in the $106 level projects 161.8% and 200% Fib levels in the $60 region. Such a capitulation event could likely be the market bottom amidst the unexpected sell-off in the current Crypto market. It is worth noting that the Relative Strength Index is severely oversold, which means the bears have an immense amount of control over the trend.
LTC/USDT 1-Day Chart
A safe invalidation signal will be a breach at $101. If the bulls can breach this level, they should have the power to rally back towards $130, resulting in a 65% increase from the current Litecoin price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
